Some families must assume special responsibilities to care for a loved one who will continue to require help through adulthood because of physical or mental challenges. At Mall Malisow & Cooney, we offer holistic Special Needs Planning. This broad approach uses state and federal Trust Laws to protect the assets of a person with disabilities.
Such planning can be used to effectively coordinate your loved one's care needs and to enhance the quality of your loved one's life. One of our firm's Special Needs Planning attorneys will be happy to discuss your concerns with you. If you would like to schedule a consultation, contact our Farmington Hills office.
Types of Special Needs Trusts
Sometimes called "Discretionary Trusts" or "Amenities Trusts," Special Needs Trusts can help preserve assets to enhance the quality of life and care for the individual with special needs after becoming eligible for government benefits, including Medicaid.
- If you are establishing a trust to set aside your own assets for the benefit of an individual with special needs, it is commonly referred to as a "Third Party Special Needs Trust" or a "Special Needs Inheritance Trust."
- If the Special Needs Trust will be funded with the disabled person's own assets (for example from savings, lawsuit or non-protected inheritances) such a Trust is commonly referred to as a "First Party Special Needs Trust," "Medicaid Payback Trust," or "Interceptor Special Needs Trusts."
Other Estate Planning Tools
Special Needs Trust planning allows for the most efficient use of all available resources and provides for the management of assets designated for the care and well-being of a person with disabilities. Whether assets are protected by a 1st Party or 3rd Party Trust, this should always be part of a carefully designed estate plan. The plan should include:
In addition to maximizing the amount of available resources to the person with disabilities, these planning tools may also reduce or eliminate the need for a court-appointed Guardian or Conservator.
Talk To Skilled Special Needs Planning Attorneys
Contact us today to discuss your situation with a skilled Special Needs Planning lawyer.